What to Consider When Sending Money Back Home
For expats in Australia, it can be crucial to send money back home in support of family and friends. At OFX, our minimum transfer amount of AUD$250 and competitive exchange rates means you’re never too far away to lend a helping hand to those who need it.
Whether you send money overseas to India, China, the Philippines or any of the 190 countries we transfer to, you’ll bear witness to our low or zero fees and competitive exchange rates that help you deliver more money to your loved ones.
As well as offering great exchange rates that can make your money stretch further at the other end, we’ve decided to put together a list of key considerations to make when sending money back home.
- It was reported in September that the average migrant from Australia sends around AU$4.8K back home every year. If you’re an expat sending AUD, or an Australian planning on migrating and sending money back home, you could save time and money with us. Download our Forex Money Transfer app from the App Store or Google Play Store.
- When it comes to tax, it pays to get your local tax ID as soon as possible. Without one, you could be taxed at a higher rate. Depending on where you go, the local tax ID will have a different name:
a. Tax File Number (Australia)
b. Social Security Number (US)
c. Inland Revenue Department Number (New Zealand)
d. National Insurance Number (UK)
e. Social Insurance Number (Canada)
- www.humanservices.gov.au explains if you’re living in Australia and considering applying for a more permanent status, you could be more eligible after studying here. Visit PathwayToAus to find out about extending your stay after completing your studies. Be aware, however, that a student status may limit your work right considerably.
- While there are some challenges to working overseas, there are some big benefits that may give you the competitive edge if and when you decide to return home. MichaelPage lists some of the professional advantages of working abroad.
- Regardless of where you’re coming from as a working expatriate, you’ll want to improve your chances of finding a job when you land in another country. MichaelPage has helpfully listed a number of key areas where you can make yourself a more appealing candidate.
- When sending money back home, banks can charge between 3-5% on top of a flat rate fee. At OFX, our exchange rates can reach as low as 0.5-1% and we offer fee-free* transfers when sending large amounts, making each and every penny stretch that little bit further.\
- As well as our great rates that help to save you money, we offer regular payments, saving you time and hassle. Like automatic payments for foreign currency, our regular payments let you send your money as often as you like, helping you avoid missing another payment date. In addition, transfers with many of our 55 global currencies will normally be completed by the next working day.
- At OFX, we’re made up of 47 different nationalities, many of whom regularly send money back home. Listen to Praschant tell the story of the loved ones he transfers to on a regular basis.
- In emergency situations, it can be comforting to know that many of our currency transfers can be completed by the next working day, and that our specialists are on hand 24/7, giving you greater peace of mind during life’s crucial moments.
At OFX, our customers have transferred over AU$84 billion worldwide. With our global positioning, better-than-bank rates options for regular transfers and forward contracts, we can help you be there for your loved ones back home. Check out our comprehensive guide to sending money to family abroad.
When family matters, OFX it.
*Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary, and OFX receives no portion of it.